Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

We are extremely grateful to the State Bank of Pakistan (SBP) for providing the data used in this paper. Our heartfelt thanks to Abid Qamar at SBP for clarifying many data related questions, and Oscar Vela for his research assistance. The results in this paper do not necessarily represent the views of the SBP. We also thank Jeffrey Frankel, Robert Lawrence, Anil Kashyap, David Scharfstein, Daniel Paravisini and numerous seminar participants for helpful comments and suggestions. All errors are our own. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.